Abstract
Renoving Stabex, by Paul Collier, Patrick Guillaumont, Sylviane Guillau-mont Jeanneney and Jan Gunning This paper considers the rationale and possible modalities of a reform of « Stabex », the scheme set up by the Lomé Conventions to stabilize (agricultural) export proceeds. Such a reform could take place when the Convention between the ACP countries and the European Union is renewed. The problem is to reconcile the system's two initial principles: automatic functioning swift Stabex transfers and the agricultural aims ― two principles which have not been satisfied properly in recent years owing to increasing payment time-lags, the fungible nature of the allocations and a Dutch disease syndrome. The proposed solutions are to plan in advance for an agreement between the ACP State and the European Commission on rules for swift use of Stabex funds, based on (price or crop) insurance or (price) stabilization schemes managed outside the government budget.
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